U.S. Independence Day Deal! Unlock 25% OFF Today – Limited-Time Offer - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

Acams CAMS Exam - Topic 4 Question 68 Discussion

Which private banking situation requires due diligence actions to be implemented according to the AML principles of the Wolfsberg group?
C) A wealthy individual from a high-risk country wants to open an account with a private bank.
A) A local wealthy individual wants to become a customer of a local retail bank.
B) A beneficial owner of an exchange house wants to open an account with the bank.
D) A new customer asks to set up an exchange house using the bank as the correspondent.

Acams CAMS Exam - Topic 4 Question 68 Discussion

Actual exam question for Acams's CAMS exam
Question #: 68
Topic #: 4
[All CAMS Questions]

Which private banking situation requires due diligence actions to be implemented according to the AML principles of the Wolfsberg group?

Show Suggested Answer Hide Answer
Suggested Answer: C

by Dorothy at Feb 08, 2024, 01:13 AM

Limited Time Offer

25%

Off

Get Premium CAMS Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

0/2000 characters
Submit Cancel
Quentin
7 months ago
D could also require due diligence, especially with exchange houses involved.
upvoted 0 times
...
Ernest
7 months ago
Wait, why would a wealthy individual from a high-risk country want to open an account? Sounds suspicious!
upvoted 0 times
...
Joaquin
7 months ago
A local wealthy individual? Seems pretty low-risk to me.
upvoted 0 times
...
Keith
7 months ago
I think B should also raise some flags. Beneficial owners can be tricky!
upvoted 0 times
...
Henriette
7 months ago
C is definitely the right choice here. High-risk countries need extra scrutiny.
upvoted 0 times
...
Leonard
8 months ago
I recall that setting up an exchange house, as in option D, definitely raises flags, but I’m not sure if it’s the most critical situation compared to the others.
upvoted 0 times
...
Ronald
8 months ago
I think we practiced a similar question where the focus was on the source of funds, which makes me lean towards option C as well.
upvoted 0 times
...
Coleen
8 months ago
I'm not entirely sure, but I feel like beneficial owners, like in option B, also trigger some due diligence requirements.
upvoted 0 times
...
Rana
8 months ago
I remember studying that high-risk countries often require enhanced due diligence, so I think option C might be the right answer.
upvoted 0 times
...
Alberto
8 months ago
Based on the AML best practices, I'd say Option C is the correct answer. A high-risk customer opening a private bank account would trigger the need for thorough due diligence.
upvoted 0 times
...
Francine
8 months ago
I'm feeling a bit lost on this one. Can someone explain the Wolfsberg group principles and how they relate to the different banking situations presented?
upvoted 0 times
...
Leontine
8 months ago
Hmm, I'm a bit unsure about this one. I'll need to review the Wolfsberg group guidelines to make sure I understand the due diligence requirements.
upvoted 0 times
...
Avery
8 months ago
This question seems straightforward, I think the key is to focus on the AML principles and high-risk situations.
upvoted 0 times
...
Shannon
8 months ago
Option C stands out to me as the most likely answer - a wealthy individual from a high-risk country opening a private bank account would definitely require enhanced due diligence.
upvoted 0 times
...
Ceola
9 months ago
I'm a bit confused here. Would setting up a bastion host in sub-a to connect to sub-b instances work instead? That might be a simpler solution.
upvoted 0 times
...
Vanda
9 months ago
Okay, I think I've got this. I'll need to calculate the present value of the $125,000 payment for each of the six employees, using the 10% discount rate and the 4-year time frame. Then I'll add up the individual present values to get the total.
upvoted 0 times
...
Casandra
9 months ago
This seems like a good opportunity to apply my knowledge of CSS overflow properties. I'm feeling confident about this one.
upvoted 0 times
...
Junita
2 years ago
I'm leaning towards C as the best answer, as dealing with customers from high-risk countries is a major concern in private banking.
upvoted 0 times
...
Dana
2 years ago
I think both C and B are valid choices, as they involve potentially risky situations that require due diligence measures.
upvoted 0 times
...
Annamae
2 years ago
That's true, B could also be a valid option as it involves a high-risk entity wanting to open an account.
upvoted 0 times
...
Anna
2 years ago
But what about B? Doesn't a beneficial owner of an exchange house also pose a risk?
upvoted 0 times
...
Stacey
2 years ago
I agree, C seems to be the most appropriate choice according to AML principles.
upvoted 0 times
...
Tess
2 years ago
I think the correct answer is C, because a wealthy individual from a high-risk country requires extra due diligence.
upvoted 0 times
...

Save Cancel